Financial Planning – At each and every Step of Life

Financial Planning – At each and every Step of Life, This article is basically regarding the importance of finance or the use of money in day to day of life and how to manage the same with getting the most of it. There are ample of opportunities available with the person to get a single bit out of it, there are chances that the person is not aware of it, so it is very important that the person knows everything about what is going on in market to get the best product at the best prices. Now Check more details about Financial Planning from below….

Financial Planning – At each and every Step of Life

Deliverables

Risk

Particulars

Methods Used

Adequate regular income

The income of the family was such that the 75% of the income was spent in household expenses and only very less part of the income was being saved. The satisfaction of the living was not there, but still the man made some good investments out of the savings which made him a rich man

Firstly there should be idea or goal in the mind that he has the responsibility of the family. He has to feed everyone in the family due to which he took it very seriously and achieved the target by aiming only on the same leaving aside the other leisure of the life.

Cost of higher education

The cost of education is now a days lot more than buying a good two wheeler or medium range bike, and the family has always the dream of putting their student in the best school of the city. So was the dream of the person. The cost of the higher education was such that 30% of the income was going only to the education of the children.

Because of the high education costs, the person tried to find the best school but at the affordable costs. He roamed around the city for the only reason to make his children study in best of the city school.

Provision for children’s marriage

All the parents in the world that the children of them get the best of the life partner in the world which would give them good shelter and good living. So they planned to start making the savings for the future expenses of the children like marriage, health care, etc., which was made by the way of investments in the best of the securities which would yield them the best returns.

The parents have made some investments which were specifically giving the returns at the time of marriage of the children. So the parents were least worried of the marriage, as the policy mentioned about handling the whole function at a v very low financial costs.

Health care Cost

It is rightly said that the future cant be predicted, because at any point of the time in life, any disease may come or it may hit any person which can cause a huge disturbance in any one’s life. So here also there were arrangements made. They had given priorities of the expenses given because of which they could manage the money in a good way and ignoring the other parts of the life and thinking about themselves, they thought about the future.

As it is taken care by every family and considered whether or not they have experienced some wrong event or not. It was the highest priority on our side because in past we had some serious issues regarding the health of the family member.

Retirement Funding

Most of us do not think of so much that what should be the plan at the time of retirement, i.e. what we would be doing at the older age. The same was the case with my family. They have not considered the family retirement plans which could yield them good amount by sitting at home.

Actually these was not considered by my family only, so there was no risk associated with it. There may the critical situation where the person needs to get source of income which is passive in nature.

Own House

Having your own house is always the dream of every individual, may it be rich or poor, the person feels totally safe in the four corridors of his home, when he has nothing in life but his home.

There was a long time planning made which took care of all the expenses related to the buying of the home, in which micro level planning needs to be done as the buying of the home was not a simple job and requires the right decision to be taken at the right time.

Solutions

The only criteria you need to check is that you should be having the future micro level planning which would help the life go smoothly rather than the hurdles harassing you here and there with some or the other problems in life.

About Yash Shah

Yash Shah is passionate article writer and has written more than 100 articles in the field of Finance, Insurance, Stock Market, Company Law, Auditing, Taxation and many others. In case of any queries or suggestions, you can reach the author @ [email protected], you can also catch him on facebook @ yashshah299